Asset Management Software Industry | Forecast 2030
Asset Management Software Industry Data Book – Asset Performance Management, Enterprise Asset Management, Infrastructure Asset Management Market
The growing demand to increase organizational productivity by using advanced technology to meet company needs has been considered a key factor driving the asset management software market growth. Additionally, Bring Your Own Device (BYOD) policy is rapidly evolving, and the number of Internet of Things (IoT) devices is increasing faster, creating a significant demand in the market.
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Asset Performance Management Market Insights
The global asset performance management market size was valued at USD 19.32 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030. The market is anticipated to witness significant growth during the forecast period on account of the increasing demand for digital solutions across various industries, such as oil & gas, manufacturing, and chemical, among others, for reducing operational expenses. APM system helps collect different kinds of data from all the assets, such as machinery, heavy equipment, and so on, using sensors. Through the integration of disparate data sources, the APM system builds a data analytics platform that provides a comprehensive view of all operational assets. Customers can utilize this information to improve asset management processes and prioritize maintenance activities.
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Enterprise Asset Management Market Insights
The global enterprise asset management market size was valued at USD 5.74 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030. The market’s growth is driven by a stronger emphasis on improving asset availability and reducing asset breakdowns that impair business operations. The enterprise asset management (EAM) market is expected to grow more rapidly due to the rising demand for a 360-degree view of assets, the elimination of compliance-related overheads, the integration of technologies such as IoT, AI, and analytics, and the ongoing use of IoT platforms and devices to sustain enterprise assets. The demand for cloud-based EAM setups has been affected by increased internet enterprise size adoption, rising data security concerns, and cell phones that empower and inform users about using highly effective software.
Infrastructure Asset Management Market Insights
The global infrastructure asset management market size was valued at USD 37.65 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030. The market has witnessed considerable growth owing to the rapid adoption of infrastructure asset management (IAM) services to reduce the procurement and maintenance costs of infrastructure. The development of advanced wireless technologies and protocols such as High-Speed Downlink Packet Access (HSDPA) is expected to enable a rise in the adoption of technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT), further driving the market growth.
Companies in the IAM industry are implementing a dual-track strategy called as Design-Build and Build-Operate-Transfer strategy. The design and construction are done by local start-ups while large corporations provide operation and maintenance software. Risks associated with aging infrastructure are a major driver for the market. Various industries such as manufacturing and oil & gas utilities require assets such as land, buildings, and machinery to obtain long-term service life.
Asset Management Software Industry segmentation 2030
Asset Management Software Industry, By Type
- Asset Performance Management Software
- Enterprise Asset Management
- Infrastructure Asset Management
Asset Management Software Industry, By Deployment
Asset Management Software Industry, By Enterprise size
- Large Enterprise
- Small & Medium Enterprise
Asset Management Software Industry, By End – Use
- Energy and Utilities
- Oil & Gas
- Metal & Mining
- Government & Public Sector
- Chemical & Pharmaceutical
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. List of Primary Sources
1.3.4. List of Secondary Sources
1.4. Information Analysis
1.4.1. Data Analysis Model
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing